When you're making your decision, there are numerous things to keep in mind.

First, even a small rate reduction can quickly pay off. That is because you can usually find mortgage companies that are willing to waive some routine mortgage refinancing charges such as application fees, processing fees and legal fees (which can add up to $1,500 to $3,000). Of course, in exchange for reduced up front costs, you may have to accept a rate that is a little higher than the market’s best interest rates.

Second, if you are planning to stay in your home for at least three to five years, it may make sense to pay "discount points" (a point equals 1% of the loan amount) and closing costs to get the lowest interest rate possible on your refinance.

Third, you can avoid laying out cash and still get a low rate by rolling the points and closing costs into your new mortgage. Does that mean acquiring a lot of extra debt? Not necessarily. If you've had your current mortgage for at least three years, you've probably reduced your balance by a significant amount. You may be able to add your closing costs into your new loan and still wind up with a mortgage that's smaller than your original one -- plus, of course, a lower rate and lower monthly payment.

You should use our mortgage calculator to determine how much you will save by refinancing your mortgage. Click Here or call 585-503-2354 to get started with your mortgage refinance.